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155 Delancey Street, New Yo...

Verizon Leases 143,000 SF Office Space At 155 Delancey St. In Lower East Side With Cushman & Wakefield's Reps
LEASEDOffice

Verizon Leases 143,000 SF Office Space At 155 Delancey St. In Lower East Side With Cushman & Wakefield's Reps

155 Delancey Street, New York City, New York 10002, United States

Building Size

143,000 SF

Asset Type

Office

Closing

Oct 28, 2021

AI

Located at 155 Delancey Street in the Lower East Side, the recently leased office space is a noteworthy asset in the area. Spanning over 143,000 square feet, the property was leased by Verizon's CEO, Hans Vestberg, for a term of 20 years. The asking rent for the space was $80 per square foot, showcasing the value of this transaction.

Summary of Transaction Details:

  • Property Type: Office
  • Transaction Amount: N/A
  • Address: 155 Delancey Street
  • Market: Lower East Side
  • Tenant: Verizon - Hans Vestberg
  • Landlord: Taconic Partners, L+M Development, The Prusik Group, BFC Partners & Urban Investment Group
  • Brokers: Josh Kuriloff, Andrew Braver & Peyton Horn - Cushman & Wakefield
  • Asking Rent: $80/ft.

The leasing deal was facilitated by brokers Josh Kuriloff, Andrew Braver, and Peyton Horn from Cushman & Wakefield, who represented Verizon and Hans Vestberg. Their expertise in the market and negotiation skills contributed to the successful conclusion of this transaction.

Players

Josh Kuriloff

Cushman & Wakefield

Broker

$85.4M

vol

17 deals

Broker
BFC PARTNERS
BFC PARTNERSLandlord

New York Office Market Snapshot

Boundary boundary · Office · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93